In plain terms — DWS Municipal Income Trust
Shares currently cost about 0.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.6% discount, so today's level is not wide for this fund (Z-score -0.4). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 9.0% a year of the share price (8.9% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.01 of assets — a ReinvestCapture™ rate of 9.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 6.0% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -1.14% | 0.57% | -1.42 | 64 |
| 6 months | -0.98% | 0.51% | -1.92 | 126 |
| 1 year | -1.60% | 0.94% | -0.37 | 249 |
| 3 years | -4.79% | — | — | — |
| 5 years | -7.52% | — | — | — |
Current contemporaneous premium/discount -1.95% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -3.68% to +0.33%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -4.52% | -13.02% | -11.77% | -13.20% | +0.97% | -7.56% |
| Market price total return | -3.82% | -11.17% | -6.19% | -5.51% | +8.64% | -1.76% |
| NAV return | -4.65% | -11.26% | -12.02% | -13.50% | -4.31% | -8.25% |
| NAV total return | -3.96% | -9.39% | -6.53% | -5.97% | +2.67% | -2.85% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Deutsche Municipal Income Trust is a closed-ended fixed income mutual fund launched and managed by Deutsche Investment Management Americas, Inc. It invests in the fixed income markets of the United States. The fund primarily invests in investment-grade tax-exempt municipal securities which are exempt from federal income tax. It seeks to invest in securities that are rated Baa or BBB or better by Moody's or S&P. The fund benchmarks the performance of its portfolio against the Barclays Municipal Bond Index. It was formerly known as DWS Municipal Income Trust. Deutsche Municipal Income Trust was formed on October 20, 1988 and is domiciled in the United States.
CEF Explorer research page for DWS Municipal Income Trust. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.